The Cash account (excluding PCF) of JULIET COMPANY is understated at December 31, 2006 by: Problem 6Your audit of the petty cash (P10,000) of Juliet Company as of December 31, 2006 revealedthe following: (cash count date is January 3, 2007 at 5:00 pm)Bills: 10 - P500 bill 15 - P100 bill18 - P5015 - P205 - P10Coins: P180 in P5 pieces; P42 in P1.00 pieces; P23 in PO.25 pieces.IOU's submitted were:Nap R. -Ruel R.Sonny S.P 750125Dec. 18Dec. 28Der 30.500Cashed checks:P 1,125500Dec. 28, 2006Dec. 28, 2006Dec. 30, 2006Jan 1, 2007check drawn by the managercheck drawn by an employeecheck drawn by a customercheck drawn by an employee3501,250The cashier informed you that owing to the lack of cash it was necessary for him to opencertain payroll envelopes unclaimed by employees and use the cash found herein. Theywere as follows:Dec. 15, 2006 - Ed A.Dec. 30, 2006 - AndoyDec. 30, 2006 - MackyDec. 30, 2006 - PazP 1,2501,7506501,000The cashier also informed you that all cash sales receipts were passed through his fundand that cash sales tickets Nos. 2059 to 2061 under dates of Dec. 30, Jan. 3 and Jan. 4for P350, 500 and P545, respectively, had not yet been turned over to the generalcashier.The petty cash vouchers found in the petty cash box were as follows:P515Dec. 30, 2006TransportationDec. 30, 2006Token gifts to visitorsDec. 30, 2006Freight for office supplies purchaseJan. 1, 2007 Freight for mdse. purchasedJan. 2, 2007 Freight for mdse. sold650215125575

Cash shortage refers to the deficit of cash which is available in actual compared to the cash to be…

Your audit of the petty cash (P10,000) of Juliet Company as of December 31, 2006 revealed the following: (cash count date is January 3, 2007 at 5:00 pm) 5 - P10 Bills: 10 P500 bill 15 P100 bill 18 - P50 15 - P20 Coins: P180 in P5 pieces; P42 in P1.00 pieces; P23 in P0.25 pieces. IOU's submitted were: Dec. 18 Dec. 28 Dec 30 Cashed checks: Nap R. - Ruel R. Sonny S P 750 125 500

Your audit of the petty cash (P10,000) of Juliet Company as of December 31, 2006 revealed the following: (cash count date is January 3, 2007 at 5:00 pm) 5 - P10 Bills: 10 P500 bill 15 P100 bill 18 - P50 15 - P20 Coins: P180 in P5 pieces; P42 in P1.00 pieces; P23 in P0.25 pieces. IOU's submitted were: Dec. 18 Dec. 28 Dec 30 Cashed checks: Nap R. - Ruel R. Sonny S P 750 125 500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Problem 1.5: Anne Corporation accounts for its sales under the cash basis. Anne Corporation cash receipts books amounted to P 1,400,000. Total collections from customers, including cash sales made and recoveries of previously written-off accounts. Based on Audit investigation, they revealed that the additional information are the following: Accounts receivable, January 1, 2021 Accounts receivable, December 31, 2021 Notes receivable, trade outstanding, January 1, 2021 Notes receivable, trade outstanding, December 31, 2021 Sales discount taken by customers Sales returns before collections were made (Evidenced by issued credit memos) Sales returns after collections were made, thus refunds were given Write-off worthless accounts receivable Cash recoveries from accounts previously write-off 100,000 140,000 80,000 90,000 40,000 25,000 5,000 30,000 10,000 Requirements: Compute for the following under the accrual basis of accounting: a. Gross sales for the year b. Net sales for the year c.…
Question 1 Record the necessary petty cash transactions in the general journal for the Real S. Tate company. Prepare a summary report of the petty cash disbursements. 09/01 Issued a cheque in the name of Mark Tremblay to set up a petty cash fund: $400. 09/01 Sold merchandise on credit for $10,000 in exchange for a 60-day note receivable bearing 4% interest. 09/03 Wrote off Mr. Smith’s account in the amount of $800 using the allowance method. 09/04 Purchased office supplies in the amount of $30. 09/04 Exchanged Mrs. White’s $3000 credit account for a 60-day note receivable bearing 5% interest. 09/05 Collected a $2000, 60-day note receivable bearing 3% interest, which was issued in October, from Mr. Jones. 09/06 Withdrawal from petty cash by the owner to buy coffee and doughnuts for the staff meeting: $80. 09/06 Purchased stamps: $25. 09/12 Purchased office supplies in the amount of $50. 09/16 Paid Livraison Cyr enr. for merchandise…
6. Keli Trading maintain a petty cash book based on the imprest system since its commencement. At the end of the period, the amount spent will be reimbursed to the petty cashier. Below are the summary of the petty cash transactions provided by Keli Trading for the month of October 2011. RM October 1 Cash float 300 3 Paid postages 50 4 Purchased envelopes 3 5 Paid cleaning 30 7 Paid ticket bus 15 10 Paid petrol 15 13 Bought pen and pencils 5 15 Bought paper clips 10 18 Bought stamps 6 19 Paid petrol 20 22 Paid taxi fares 15 25 Printing paper 29 29 Purchased stamp pad ink 45 30 Paid cleaning 30 Required: Prepare a petty cash book for Keli Trading for the month of October 2011 with analysis columns for expenditure on cleaning, postages, stationery and travelling.
The adjustment to correct petty cash fund involves a debit or credit to petty cash fund at what amount(put Debit and Credit)? What is the adjusted petty cash fund as of December 31, 2014?
None
UHAWSAIYO COMPANY GENERAL AND PETTY CASH COUNT AUDIT YEAR: 2014 DATE OF COUNT: January 5, 2015, 9:10 am Bills and Coins Denomination Bundles of 100 pcs. Rolls of 50 coins Loose P 500 1 9 100 2 27 50 3 5 20 5 4 10 10 5 6 4 1 10 20 .25 40 16 Checks Maker Payee Date Amount T. Otis – customer Uhawsaiyo 12/30/14 P 11,920 R. Eyes – customer Uhawsaiyo 12/26/14 12,505 O. Liever – customer Uhawsaiyo 1/2/15 5,707 F. Rancisco – customer Uhawsaiyo 12/21/14 13,350 Uhawsaiyo ABC. Co 12/27/14 14,500 M. Doza – officer Cash 1/5/15 310 O.Campo – officer * Cash 12/29/15 260 *Amount is for a return of travel advance mad to the employee in an earlier period. Vouchers and IOU Paid to Date Amount PNR –…
Problem 8 JAJA Company, provided the following information pertaining to its petty cash fund during the year: The company established a P40,000 petty cash fund on November 12, 2021. On November 30, 2021, the PCF was replenished, and the accountant recorded the replenishment as follows: Various expenses 14,000Loss on petty cash shortage 1,000Cash in bank 15,000 At year-end the petty cash fund was not replenished, and the random cash count at December 31, 2021 revealed the following: Bills and coins 6,000 Paid expense vouchers Transportation 2,000Fuel and gasoline 3,000Office supplies 1,500IOUs 10,000 Unpaid expense vouchers Representation fees 9,000Payment for parking 4,500 Postdated checks of the following: Company officers 10,000Petty cash custodian 5,000Customers 12,000 How much is the (net shortage)/net overage during the year ended December 31, 2021? (If net shortage, use the "-" symbol, if net overage positive sign)
Problem 1 (Petty Cash) George Corp sets up a petty cash fund to pay for relatively small amounts of expenses. George Corp., where the petty cash account amount remains in its original amount and the transaction is determined for petty cash balance under $ 1,000. The following are available data for the month of July 2020 On July 4, the company will set a petty cash fund of $ 1,000 Summary of expenses, petty cash is $ 250 on file by the company. on July 14 are as follows: Payroll Check S83 Dividends $ 49 Commission S64 Travel and Entertainment Expense $ 23 Advertising $ 31 On July 25, George purchased, the equipment for S1800 George Corp decided to increase the cash amount to the petty cash fund by $ 500 on July 31 Requested: Make a number of entries on petty cash transactions using the impress and fluctuating method during July. Problem 2 (Receivables) PT CAHAYA's Receivables Balance as of December 31, 2019 was IDR 1,350,000,000, allowance for uncollectible accounts was IDR…
39:01 Willard Company established a $500 petty cash fund on September 9, 2020. On September 30, the fund had $199.40 in cash along with receipts for these expenditures: transportation-in, $40.50, office supplies, $14170, and repairs expense, $111.40 Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $7.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list View journal entry worksheet No 1 Dato Sep 09, 2020 Petty cash Cash General Journal Dobit 500 Credit 500 submit
Recording Petty Cash Transactions Budding Products had a balance of $400 in cash in its petty cash fund at the beginning of November. The following transactions took place in November: On November 1, the custodian paid $43 out of petty cash for new pens with Budding’s newly designed logo prominently displayed. This is considered supplies expense. On November 7, the custodian paid $84 out of petty cash for minor repairs to its equipment. This is a maintenance expense. On November 9, the custodian paid $33 out of petty cash for transportation-in. On November 15, the custodian paid $46 out of petty cash to have documents delivered to the accounting firm preparing the company’s corporate tax return. This is considered an other expense. On November 22, the custodian paid $125 out of petty cash to reimburse the Chief Financial Officer for costs he had incurred in traveling to the airport for an important international business conference. This is a travel expense. On November 28, the…
Item 2 Halifax Fitness Consulting completed the following petty cash transactions during February 2023: Feb. 2 Prepared a $4,110 cheque, cashed it, and gave the proceeds and the petty cash box to Nick Reed, the petty cashier. 5 Purchased paper for the copier, $247. 9 Paid $428 COD charges on merchandise purchased for resale. Assume Halifax Fitness Consulting uses the perpetual method to account for merchandise inventory. 12 Paid $196 postage to express mail a contract to a client. 14 Reimbursed Kim Marin, the manager of the business, $1,700 for business auto expenses. 20 Purchased stationery, $751. 23 Paid a courier $12 to deliver merchandise sold to a customer. 25 Paid $18 COD charges on merchandise purchased for resale. 28 Paid $22 for stamps. 28 Reed sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was only $10 in cash in the fund. In addition, the size of the petty cash fund was increased to…
8:17 1 customer in payment of the customer's account of \ $2.700. What is the up-to-date ending Cash balance? 4. a bank reconciliation included a deposit in transit of $720, the company's journal entry for this reconciling item would include 5. Urban Bloom, Incorporated's books show an ending cash balance of $13,500 before preparing the bank reconciliationGiven the bank reconciliation shows outstanding checks of \$3700 deposits in transit of \$2,700, NSF check of $ 170, and interest earned on the bank account of $80, the company's up-to-date ending cash balance equals: 6. Egrane, Incorporated's monthly bank statement showed the ending balance of cash of $19,200. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,850, outstanding checks of $2,700, an NSF check of $1,400, bank service charges of $65 and the EFT from a customer in payment of the customer's account of $2,200. What was the cash balance on the Egrane's books (before the adjustments for…